Spring Inventory Blooms, but Buyers Remain Cautious Amid Economic Uncertainty

Rhea-AI Summary

The U.S. housing market shows mixed signals in March 2025, with new listings rising 10.2% annually to their highest March level in three years. However, buyer caution persists amid economic uncertainty, evidenced by a 5.2% YoY drop in pending home sales across major metro areas.

The national median listing price remained stable at $424,900, though 17.5% of active listings saw price reductions - the highest share for any March since 2016. Total inventory increased 28.5% YoY, with all 50 largest metro areas showing gains. Notable increases were seen in San Jose (+67.9%), Las Vegas (+67.8%), and Denver (+67.3%).

Despite improvements, total U.S. housing inventory remains 20.2% below pre-pandemic levels. Markets showing significant declines in pending sales include Jacksonville (-15.1%), Miami (-13.7%), and Virginia Beach (-14.2%), while San Jose (+6.4%), Grand Rapids (+6.1%), and Sacramento (+4.6%) demonstrated growth in pending listings.

Positive

• New listings increased 10.2% YoY, highest March level in 3 years
• Total inventory grew 28.5% YoY across all 50 largest metro areas
• 18 metros now exceed pre-pandemic inventory levels

Negative

• Pending home sales declined 5.2% YoY in major metro areas
• 17.5% of listings had price reductions, highest March level since 2016
• Total U.S. housing inventory still 20.2% below pre-pandemic levels
• 36 out of 44 analyzed metros posted declines in pending sales

• New listings hit highest March level in three years, rising 10.2% annually
• Pending home sales drop 5.2% YoY in larger metro areas as buyers hesitate
• Price drops hit their highest share for any March since 2016

AUSTIN, Texas, April 3, 2025 /PRNewswire/ -- The U.S. housing market saw signs of continued recovery this spring, with more homes hitting the market and total inventory rising for the 17th straight month, according to the March Housing Trends Report from Realtor.com^®. However, rising price drops and slipping pending home sales suggest that buyers are proceeding with caution, likely due to current economic unknowns and growing concerns among consumers around their personal finance situations.

"The spring housing season is beginning with more sellers and a growing number of homes for sale," said Danielle Hale, Chief Economist at Realtor.com^®. "But the high cost of buying coupled with growing economic concerns suggest a sluggish response from buyers in early spring. We're seeing a market that's rebalancing, offering more choices for shoppers. Data also suggest that pricing competitively is key for sellers in today's environment. This is likely to be even more true after the mid-April Best Time to Sell, when the number of sellers grows even more swiftly. Recent improvements in mortgage rates bode well for the later spring and early-summer housing season, as long as economic concerns settle and don't knock buyers off course."

March 2025 Housing Metrics – National

Metric	Change over Mar. 2024	Change over Mar. 2019
Median listing price	+0.0% (to $424,900)	+38.9 %
Active listings	+28.5 %	-20.0 %
New listings	+10.2 %	-8.8 %
Median days on market	+3 days (to 53 days)	-12 days
Share of active listings with price reductions	+2.5 percentage points (to 17.5%)	+2.5 percentage points
Median List Price Per Sq.Ft.	+1.3 %	+54.7 %

Pending Home Sales Slide as Buyers Tread Carefully
According to pending home listings data from Realtor.com^®, buyer momentum took a step back in March as the number of homes under contract, pending listings, fell 5.2% YoY in the nation's largest metro areas.  Of the 44 metros analyzed for this metric, 36 posted declines in pending sales compared to last March. Some of the steepest drop-offs were seen in Jacksonville and Miami, Fla. (-15.1%, -13.7%) where the market has been softening as of late, and Virginia Beach, Va. (-14.2%), which has a high share of federal government workers to round out the top three markets seeing pending home sales decline. Interestingly, Washington D.C., which also has a high share of federal government workers placed 10th, with a yearly decline of 7.9%.

At the same time, a few markets bucked the trend including San Jose, Calif. (+6.4%), Grand Rapids, Mich. (+6.1%) and Sacramento (+4.6%), which all posted YoY gains in pending listings, suggesting that local dynamics, such as tighter supply or improved buyer sentiment, may be keeping those markets more competitive.

Price Cuts Hit a March Record as Sellers Adjust to Budget-Conscious Buyers
List prices remained relatively stable, with the national median list price at $422,450, down just 0.1% from a year ago. However, more sellers are making adjustments as 17.4% of active listings included price reductions in March, the highest share for any March since 2016.

Markets with the highest share of price reductions included Phoenix, Ariz. (32.6%), Tampa, Fla. (28.9%) and Jacksonville, Fla. (27.7%), where elevated inventory levels and/or tempered demand are putting pressure on sellers to stay competitive. On the other end of the spectrum, markets like Buffalo, N.Y. (5.4%), Hartford, Conn. (5.5%) and New York (7.0%) saw the lowest share of price cuts, signaling tighter inventory and firmer pricing power. For buyers, this means greater negotiation room in some areas, while in others, competition and pricing remain relatively strong. Sellers in high-reduction markets may need to recalibrate expectations, while those in tighter markets can still benefit from solid demand, as long as they price appropriately.

Inventory Grows in the West and South, but the Pre-Pandemic Supply Gap Remains
In March, the total number of homes actively for sale jumped 28.5% compared with a year ago, and newly listed homes climbed 10.2%, the strongest March showing in three years. At the local level, all 50 of the largest metro areas posted annual inventory gains, with the most significant increases seen in San Jose, Calif. (+67.9%) Las Vegas, Nev. (+ 67.8%), and Denver, Colo. (+67.3%). Not only did San Jose, Denver and Las Vegas experience significant gains YoY, they are part of the group of 18 metros where inventory levels now exceed pre-pandemic levels including San Antonio, (+49.6%) Dallas (+44.9%), and Austin (+44.2%). Despite this progress, the total U.S. housing inventory remains 20.2% below typical levels seen from 2017 to 2019, with markets in the Northeast lagging nearly one-third below what was typical in that period. This is consistent with supply gap research showing the biggest construction shortfall and no progress toward closing it in the Northeast.

For more information, visit www.realtor.com/research/data where monthly housing data sets, including historical figures, are available for download.

March 2025 Housing Overview of the 50 Largest Metros

Metro Area	Pending Listing Inventory YoY	Median Listing Price	Median Listing Price YoY	Median Listing Price per Sq. Ft. YoY	Median Listing Price vs March 2019	Median Listing Price per Sq. Ft. vs March 2019
Atlanta-Sandy Springs-Roswell, Ga.	-9.7 %	$400,000	-2.4 %	-1.4 %	23.9 %	54.2 %
Austin-Round Rock-San Marcos, Texas	N/A	$510,000	-7.2 %	-4.4 %	42.2 %	57.0 %
Baltimore-Columbia-Towson, Md.	-4.4 %	$374,900	11.9 %	3.6 %	19.9 %	29.1 %
Birmingham, Ala.	-0.6 %	$285,000	-1.7 %	0.4 %	16.7 %	31.7 %
Boston-Cambridge-Newton, Mass.-N.H.	N/A	$869,000	-1.2 %	2.0 %	52.1 %	75.3 %
Buffalo-Cheektowaga, N.Y.	2.5 %	$260,000	-3.7 %	1.7 %	32.9 %	51.0 %
Charlotte-Concord-Gastonia, N.C.-S.C.	-5.5 %	$425,000	3.4 %	0.6 %	24.5 %	59.9 %
Chicago-Naperville-Elgin, Ill.-Ind.	-1.9 %	$360,000	-4.0 %	-1.0 %	9.9 %	29.3 %
Cincinnati, Ohio-Ky.-Ind.	-3.1 %	$335,000	-4.5 %	2.3 %	25.0 %	54.8 %
Cleveland, Ohio	-5.8 %	$249,000	8.7 %	8.9 %	30.1 %	56.6 %
Columbus, Ohio	N/A	$360,000	-5.2 %	1.1 %	26.0 %	59.0 %
Dallas-Fort Worth-Arlington, Texas	-5.1 %	$423,503	-3.7 %	-0.6 %	19.7 %	42.9 %
Denver-Aurora-Centennial, Colo.	-1.5 %	$585,000	-5.6 %	-2.4 %	13.5 %	43.7 %
Detroit-Warren-Dearborn, Mich.	-7.3 %	$245,000	2.1 %	2.8 %	5.2 %	25.0 %
Grand Rapids-Wyoming-Kentwood, Mich.	6.1 %	$385,000	-7.2 %	-0.5 %	36.1 %	52.6 %
Hartford-West Hartford-East Hartford, Conn.	-7.7 %	$449,900	9.9 %	11.2 %	51.6 %	61.4 %
Houston-Pasadena-The Woodlands, Texas	-2.7 %	$365,000	1.2 %	-0.4 %	15.3 %	37.5 %
Indianapolis-Carmel-Greenwood, Ind.	-0.5 %	$315,000	-4.5 %	0.1 %	17.0 %	51.9 %
Jacksonville, Fla.	-15.1 %	$399,000	-3.9 %	-2.6 %	30.8 %	51.2 %
Kansas City, Mo.-Kan.	3.4 %	$395,500	-6.9 %	0.6 %	23.6 %	45.6 %
Las Vegas-Henderson-North Las Vegas, Nev.	-5.6 %	$469,945	0.0 %	2.2 %	50.3 %	57.5 %
Los Angeles-Long Beach-Anaheim, Calif.	1.2 %	$1,179,000	2.5 %	1.9 %	53.0 %	54.9 %
Louisville/Jefferson County, Ky.-Ind.	-5.0 %	$320,000	1.6 %	1.7 %	18.6 %	44.4 %
Memphis, Tenn.-Miss.-Ark.	-13.0 %	$334,000	2.5 %	2.3 %	56.8 %	68.9 %
Miami-Fort Lauderdale-West Palm Beach, Fla.	-13.7 %	$512,000	-6.7 %	-4.5 %	30.0 %	47.2 %
Milwaukee-Waukesha, Wis.	-7.5 %	$375,000	2.8 %	5.5 %	38.4 %	52.3 %
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	-3.6 %	$445,900	0.2 %	-0.3 %	16.5 %	30.3 %
Nashville-Davidson-Murfreesboro-Franklin, Tenn.	N/A	$535,000	-3.7 %	-0.9 %	46.9 %	63.4 %
New York-Newark-Jersey City, N.Y.-N.J.	N/A	$780,000	1.3 %	-3.2 %	38.7 %	78.3 %
Oklahoma City, Okla.	-3.0 %	$317,950	-1.2 %	1.6 %	30.1 %	45.8 %
Orlando-Kissimmee-Sanford, Fla.	-9.5 %	$419,800	-4.4 %	-2.3 %	36.5 %	53.6 %
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	-6.1 %	$359,000	2.6 %	2.6 %	36.2 %	57.3 %
Phoenix-Mesa-Chandler, Ariz.	N/A	$520,000	-2.8 %	-1.3 %	43.9 %	57.0 %
Pittsburgh, Pa.	-6.4 %	$239,000	1.8 %	3.7 %	35.9 %	40.2 %
Portland-Vancouver-Hillsboro, Ore.-Wash.	-6.1 %	$599,900	-0.8 %	-0.5 %	24.8 %	39.4 %
Providence-Warwick, R.I.-Mass.	-10.3 %	$549,900	10.0 %	6.1 %	50.1 %	50.5 %
Raleigh-Cary, N.C.	-9.3 %	$445,000	-1.1 %	-0.1 %	22.3 %	54.1 %
Richmond, Va.	-1.2 %	$444,900	-1.1 %	2.6 %	36.0 %	60.2 %
Riverside-San Bernardino-Ontario, Calif.	-2.1 %	$599,999	0.2 %	1.0 %	47.5 %	60.5 %
Sacramento-Roseville-Folsom, Calif.	4.6 %	$625,000	-1.6 %	-1.4 %	31.2 %	37.8 %
San Antonio-New Braunfels, Texas	-0.8 %	$334,990	-1.4 %	-2.4 %	14.9 %	36.1 %
San Diego-Chula Vista-Carlsbad, Calif.	-0.1 %	$950,000	-4.8 %	-2.0 %	38.7 %	62.2 %
San Francisco-Oakland-Fremont, Calif.	2.6 %	$950,000	-4.9 %	-6.9 %	3.6 %	21.2 %
San Jose-Sunnyvale-Santa Clara, Calif.	6.4 %	$1,388,944	-6.2 %	-1.3 %	26.0 %	25.0 %
Seattle-Tacoma-Bellevue, Wash.	-5.4 %	$750,000	-2.3 %	3.1 %	23.3 %	53.1 %
St. Louis, Mo.-Ill.	0.2 %	$289,900	-0.7 %	-2.2 %	32.2 %	32.1 %
Tampa-St. Petersburg-Clearwater, Fla.	-11.6 %	$399,900	-4.6 %	-3.0 %	45.8 %	63.4 %
Tucson, Ariz.	-4.4 %	$399,000	-0.9 %	-1.3 %	35.8 %	54.1 %
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	-14.2 %	$399,966	1.3 %	5.0 %	40.6 %	53.9 %
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	-7.9 %	$604,900	-0.8 %	-2.1 %	28.3 %	56.1 %

 

Metro Area	Active Listing Count YoY	New Listing Count YoY	Median Days on Market	Median Days on Market Y-Y (Days)	Price–Reduced Share	Price-Reduced Share Y-Y (Percentage Points)
Atlanta-Sandy Springs-Roswell, Ga.	44.3 %	19.8 %	47	6	20.7 %	5.0 pp
Austin-Round Rock-San Marcos, Texas	22.1 %	10.6 %	44	4	22.2 %	-0.1 pp
Baltimore-Columbia-Towson, Md.	37.8 %	16.1 %	29	-7	13.1 %	1.7 pp
Birmingham, Ala.	18.2 %	3.4 %	54	4	16.3 %	3.1 pp
Boston-Cambridge-Newton, Mass.-N.H.	18.4 %	6.4 %	25	1	10.2 %	0.5 pp
Buffalo-Cheektowaga, N.Y.	-2.1 %	-13.0 %	49	11	5.4 %	0.1 pp
Charlotte-Concord-Gastonia, N.C.-S.C.	47.4 %	21.5 %	43	5	21.2 %	4.7 pp
Chicago-Naperville-Elgin, Ill.-Ind.	10.6 %	4.1 %	36	2	10.7 %	3.0 pp
Cincinnati, Ohio-Ky.-Ind.	27.5 %	4.9 %	37	1	13.3 %	2.3 pp
Cleveland, Ohio	11.6 %	9.1 %	45	3	13.0 %	2.0 pp
Columbus, Ohio	38.8 %	13.7 %	37	8	18.0 %	3.8 pp
Dallas-Fort Worth-Arlington, Texas	38.4 %	18.4 %	45	5	23.4 %	3.9 pp
Denver-Aurora-Centennial, Colo.	67.3 %	33.3 %	35	5	24.4 %	7.1 pp
Detroit-Warren-Dearborn, Mich.	9.5 %	6.1 %	42	0	11.5 %	1.7 pp
Grand Rapids-Wyoming-Kentwood, Mich.	27.4 %	18.5 %	38	1	10.8 %	1.7 pp
Hartford-West Hartford-East Hartford, Conn.	11.2 %	11.0 %	30	-8	5.5 %	0.4 pp
Houston-Pasadena-The Woodlands, Texas	30.5 %	12.2 %	45	2	18.1 %	1.4 pp
Indianapolis-Carmel-Greenwood, Ind.	24.7 %	7.1 %	44	2	19.0 %	2.7 pp
Jacksonville, Fla.	35.6 %	9.8 %	57	10	27.7 %	5.6 pp
Kansas City, Mo.-Kan.	11.5 %	4.2 %	51	0	11.1 %	-0.1 pp
Las Vegas-Henderson-North Las Vegas, Nev.	67.8 %	14.2 %	44	6	21.7 %	7.9 pp
Los Angeles-Long Beach-Anaheim, Calif.	51.8 %	19.0 %	42	0	13.3 %	4.3 pp
Louisville/Jefferson County, Ky.-Ind.	21.4 %	12.3 %	41	0	15.7 %	2.2 pp
Memphis, Tenn.-Miss.-Ark.	28.1 %	-3.4 %	58	7	20.4 %	1.2 pp
Miami-Fort Lauderdale-West Palm Beach, Fla.	39.8 %	8.3 %	67	9	21.3 %	1.5 pp
Milwaukee-Waukesha, Wis.	7.7 %	-8.0 %	31	2	9.0 %	1.0 pp
Minneapolis-St. Paul-Bloomington, Minn.-Wis.	10.1 %	12.0 %	33	-1	10.2 %	0.6 pp
Nashville-Davidson-Murfreesboro-Franklin, Tenn.	31.2 %	22.4 %	47	15	16.8 %	-2.0 pp
New York-Newark-Jersey City, N.Y.-N.J.	3.3 %	9.9 %	48	-2	7.0 %	0.2 pp
Oklahoma City, Okla.	34.2 %	8.0 %	47	2	18.2 %	1.0 pp
Orlando-Kissimmee-Sanford, Fla.	45.8 %	11.5 %	60	6	24.7 %	4.5 pp
Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md.	18.0 %	10.1 %	39	-4	11.7 %	0.6 pp
Phoenix-Mesa-Chandler, Ariz.	39.3 %	18.2 %	51	2	32.6 %	9.6 pp
Pittsburgh, Pa.	10.8 %	13.9 %	62	6	13.8 %	1.1 pp
Portland-Vancouver-Hillsboro, Ore.-Wash.	29.6 %	7.8 %	51	6	22.7 %	2.6 pp
Providence-Warwick, R.I.-Mass.	25.9 %	10.3 %	36	1	8.9 %	2.6 pp
Raleigh-Cary, N.C.	47.4 %	14.5 %	44	3	19.7 %	8.5 pp
Richmond, Va.	22.0 %	27.5 %	44	0	10.1 %	1.0 pp
Riverside-San Bernardino-Ontario, Calif.	50.2 %	16.3 %	51	4	17.8 %	4.8 pp
Sacramento-Roseville-Folsom, Calif.	52.1 %	17.0 %	36	0	16.6 %	5.5 pp
San Antonio-New Braunfels, Texas	17.7 %	16.5 %	60	3	25.1 %	3.3 pp
San Diego-Chula Vista-Carlsbad, Calif.	66.6 %	14.1 %	36	4	16.3 %	5.5 pp
San Francisco-Oakland-Fremont, Calif.	43.2 %	15.5 %	31	4	11.6 %	3.0 pp
San Jose-Sunnyvale-Santa Clara, Calif.	67.9 %	32.8 %	22	0	8.9 %	3.1 pp
Seattle-Tacoma-Bellevue, Wash.	40.3 %	18.6 %	31	2	11.2 %	2.5 pp
St. Louis, Mo.-Ill.	18.4 %	15.7 %	39	0	12.5 %	2.2 pp
Tampa-St. Petersburg-Clearwater, Fla.	28.5 %	3.6 %	57	6	28.9 %	1.3 pp
Tucson, Ariz.	50.8 %	11.6 %	50	6	24.2 %	4.6 pp
Virginia Beach-Chesapeake-Norfolk, Va.-N.C.	26.0 %	20.7 %	38	4	15.1 %	1.9 pp
Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.	64.0 %	25.5 %	24	-7	12.4 %	3.8 pp

Methodology
Realtor.com housing data as of March 2025. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. The 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202301) and Claritas 2025 estimates of household counts. With the release of its January 2025 housing trends report, Realtor.com® has restated data points for some previous months. As a result of these changes, some of the data released since January 2025 will not be directly comparable with previous data releases (files downloaded before January 2025) and Realtor.com® economics research reports.

About Realtor.com^®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media contact:  Asees Singh, press@realtor.com

View original content:https://www.prnewswire.com/news-releases/spring-inventory-blooms-but-buyers-remain-cautious-amid-economic-uncertainty-302418932.html

SOURCE Realtor.com

FAQ

What is the current median home listing price as of March 2025?

The national median home listing price is $424,900, showing 0.0% change from March 2024.

How much have new housing listings increased year-over-year in March 2025?

New listings increased by 10.2% year-over-year, reaching their highest March level in three years.

Which cities showed the largest inventory increases in March 2025?

San Jose (67.9%), Las Vegas (67.8%), and Denver (67.3%) showed the largest year-over-year inventory increases.

What percentage of active listings had price reductions in March 2025?

17.5% of active listings included price reductions, the highest share for any March since 2016.